A coil component described in Japanese Unexamined Patent Application Publication No. 2013-225718 is known as an electronic component including an insulator containing a metal magnetic powder. In this type of electronic component (hereafter referred to as an electronic component in the related art), an inner circuit element is covered with an insulator containing a metal magnetic powder. In addition, in the electronic component in the related art, a chemical conversion treatment with a phosphate is performed for the purpose of rust prevention and the like of the metal magnetic powder contained in the insulator. However, in general, coating films formed by employing the chemical conversion treatment with a phosphate are thin, and the moisture resistance, the chemical resistance, and the like are insufficient for the quality of the coating film required for the electronic component.